Pennar Inds gains on reports firm's subsidiary receives Sebi nod for IPO

Pennar Industries rose 4.11% to Rs 57 at 12:02 IST on BSE on reports that the company's subsidiary Pennar Engineered Building Systems has received approval from market regulator Securities and Exchange Board of India to float an initial public offer

Meanwhile, the S&P BSE Sensex was up 243.95 points or 0.87% at 28,176.85.

On BSE, so far 1.74 lakh shares were traded in the counter as against average daily volume of 95,784 shares in the past one quarter.

The stock hit a high of Rs 57.35 and a low of Rs 56.15 so far during the day. The stock had hit a 52-week high of Rs 67.85 on 20 January 2015. The stock had hit a 52-week low of Rs 33.60 on 8 August 2014.

The stock had outperformed the market over the past one month till 14 July 2015, advancing 23.03% compared with Sensex's 5.71% rise. The scrip had also outperformed the market in past one quarter, sliding 2.93% as against Sensex's 3.83% fall.

The small-cap company has equity capital of Rs 60.17 crore. Face value per share is Rs 5.

The proposed initial public offer (IPO) by Pennar Engineered Building Systems (PEBS) comprises of a fresh issue of up to Rs 58 crore and an offer for sale of 34.61 lakh equity shares by Zephyr Peacock India Fund III Limited, 15.55 lakh equity shares by Zephyr Peacock India III Fund, 3 lakh equity shares by Usha Ramani Potluri, 2 lakh equity shares by Vikram Chachra and 1 lakh equity shares by Eight Finance Private Limited.

On consolidated basis, Pennar Industries' net profit rose 115.9% to Rs 16.02 crore on 15.1% growth in net sales to Rs 381.45 crore in Q4 March 2015 over Q4 March 2014.

Pennar Industries is one of India's leading industrial organizations offering specialized, engineered steel solutions.

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